Last week, the Council of Mortgage Lenders (CML) chairman, Nigel Terrington, called for greater clarity and less politics in the mortgage market. Speaking to an audience of 600 people at the CML’s annual lunch, Mr Terrington proposed a number of measures to aid a recovery of the mortgage industry and to help the housing market thrive.
Mr Terrington said: “We want an industry where UK consumers’ interests are at the core of lender business models and we want to develop an open relationship with the regulator in trying to achieve this objective. We want to achieve this because for lenders it helps remove, or at least reduce, uncertainty and that will only help to create a stronger lending community, more confident in itself, and more confident to lend to customers.”
The chairman called for a balance between regulation and innovation, commenting:
“The market as a whole will benefit from the right balance of free market principles and sensible protection, allowing businesses to thrive, consumers to transact confidently and lenders to lend with predictable consequences, without shifting goalposts.”
“To achieve this, though, we need Government, through its various offices including HM Treasury, the Bank of England and the regulators to provide certainty and clarity in their policies and rules, so that the businesses and consumers of this country have a firm, solid foundation for the future.”